With all the HGTV shows turning a run down old house into a beautiful model home looks very exciting and appealing. For example, Fixer Upper and other shows like that are great shows, but is a full renovation right for you? When purchasing a home there are a few things that you need to keep in mind:
- Are you wanting to do only carpet & paint?
- Are there structural issues or are they just cosmetic?
- What are real costs for the repairs you want done?
- Are you prepared for additional costs & completion timelines to adjust?
- Will you hire out the project or will you do it yourself?
- Will permits be required for the work you want to have done?
- If you use a contractor, are they a licensed & bonded contractor?
Those are just a few questions to ask yourself when thinking to "Flip" a home or buy one to remodel. We have had many clients that get into a home because they were so excited to remodel the home that they tear everything out and then don't have the money to replace what they tore out. Remember, a trip to the hardware store paying $100 doesn't seem like a lot, but having to go back 10 times turns that small $100 into $1,000 spent. The numbers in a remodel add up quick, so don't let your home become a money pit.
With that said, there are opportunities for you to get a house that another person didn't want to put in the effort and work to remodel, giving you less competition.